Ocean Finance Loans Review

Paul Newey was the founder of Ocean Finance along with his business associate. He started this finance company in the year 1991. Ocean Finance is the foremost finance broker in Britain and arranges loans from the best financial institutions. Paul Newey wanted people to take advantage of the easy availability of finance. He wanted them to replace their multiple debt payments of personal loans and credit cards with a single payment. Presently, Ocean Finance provides finance to over 30,000 people every year.

Though Ocean Finance is a new company, being just 14 years old, it has become the one of the biggest companies in the finance business. Its size allows it to provide lower rates to its customers.

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Ocean Finance Loans

Under this scheme, loans are available for the various purposes like debt consolidation, home improvement, holiday making or even buying a new car.

• The loans are available for a period of 60 to 300 months.
• One can apply for any loan amount ranging from £3,000 to £100,000 pounds.
• You need to provide your desired loan amount. After that, you will get a no obligation loan quote with in the next 48 hours which will indicate the best possible rate of interest. You can also call them to get assistance about the loan.
• The rate of the loan will depend on your individual circumstances. It will depend on whether you live in a rented accommodation or your own. The conditions for your own accommodation are; whether it is mortgaged or not. If you are living in a rented accommodation, then you are liable for an unsecured loan.
• Bad credit loans are also available for situations like poor county judgments, mortgage arrears, payment defaults and a lower credit rating.
• The APR available with Ocean Finance is 16.9% but most of the customers get loans for a rate lower than this.

Limitations of Ocean Finance Loans

• In case you are taking the loan against your house, then the house will be possessed by the company if you are not able to make timely payments.
• An administration fee may also be charged by the lender if there is an early repayment of the loan.

Ocean Finance Adverse Credit Loans

• These bad credit loans are available to all those people who have adverse credit ratings.
• You can avail this loan if you have county court judgments, mortgage arrears and a poor credit rating.
• One does not need to provide an evidence of income to avail these loans.
• You can easily convert all your balances on credit cards and unsecured loans into one single manageable payment.
• These credit facilities are available for retired applicants, for agency workers and for all those people who are just surviving on their pensions.
• These loans are available for any amount from £3,000 to £100,000 and for a period of 3 to 25 years.
• Loans are available on fixed rates for the entire term as well as on affordable variable rates.

Limitations

• These loans have the disadvantage that they are only available against the security of your property. So, it can be repossessed if you are not able to make payments on time.